BSE: 538708
Econo Trade (India) Limited
Functions as a non-banking financial company (NBFC) that earns interest on its lending and investment book rather than selling goods, with revenue from operations reported as nil in Q3 FY26 and all income classified as 'Other Income' from investments or interest. For FY26, the company reported revenue of ₹5.9229 crore and net profit of ₹2.178 crore against total assets of ₹68.0873 crore, with operating costs dominated by other opex (12.4% of revenue) and employee costs (3.2%) — there is no materials cost, consistent with a financial services entity. Borrowings on the balance sheet fell sharply from ₹2,370.76 lakhs in March 2025 to ₹1,222.87 lakhs by September 2025, while operating cash flow stood at ₹1,147.24 lakhs in H1 FY26. The Board constituted a Risk Management Committee in line with RBI directions, confirming activity under RBI oversight. The company is named as Noticee 5 in a SEBI Final Order dated June 30, 2026 in an alleged price and volume manipulation case described as involving Hanif Shekh, with unlawful gains of around ₹143.79 crore; the order is under examination with legal advisors. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Other Income (interest/investments). Small NBFC, capital-light financial services entity with no materials or manufacturing activity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3 | 5 | 7 | 6 | 6 |
| EBITDA (ex other income) | 2 | 4 | 7 | 6 | 5 |
| margin % | 48.6 | 88.2 | 91.8 | 86.4 | 84.4 |
| Owners' profit | 1 | 2 | 3 | 2 | 2 |
| EPS, as reported (₹) | 0.40 | 1.00 | 2.70 | 1.21 | 1.17 |
| ROE % · ROCE % | 1.9 · — | 4.6 · — | 5.8 · — | 4.9 · — | 4.5 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (8) | (18) | (6) | 6 | 4 |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 1 | 1 | 2 | 1 | 1 | 2 | 2 |
| Profit before tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Net profit | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| EPS (₹) | 0.22 | 0.34 | 0.27 | 0.38 | 0.29 | 0.36 | 0.34 | 0.18 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.9 | 18.1 | 21 of 200 | 90% |
| P/B | 0.2 | 1.1 | 17 of 253 | 93% |
| ROE | 4.5 | 3.1 | 109 of 257 | 58% |
| EBITDA margin | 66.5 | 48.6 | 91 of 249 | 64% |
| Revenue growth | (30.6) | 12.6 | 178 of 231 | 23% |
| Profit growth | (53.9) | 7.8 | 159 of 251 | 37% |
| Market cap | 11 | 34 | 210 of 268 | 22% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine RTA confirmation certificate for Q2 FY26 dematerialisation | compliance | minimal | — | — |
| 30 Sept 2026 · Econo Trade 43rd AGM: All 7 resolutions passed including 5 related party deals | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 43rd AGM proceedings — all 7 resolutions passed including related-party loan approvals | board shareholder meetings | low | — | — |
| 27 Sept 2026 · Econo Trade trading window closed ahead of Q2 FY26 results | compliance | minimal | — | — |
| 10 Sept 2026 · 43rd AGM Notice Published - E-voting and Book Closure Details | compliance | minimal | — | — |
| 8 Sept 2026 · 43rd AGM Notice and FY26 Annual Report Web Link Shared | general | medium | — | — |
| 8 Sept 2026 · Econo Trade files 43rd Annual Report and AGM Notice for FY 2025-26 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Book Closure for 43rd AGM from 23rd to 29th September 2026 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · 43rd AGM notice on Sept 29, 2026; 5 related-party loan resolutions | board shareholder meetings | low | — | — |
| 8 Sept 2026 · 43rd AGM notice seeks approval for 110 crore related-party loans | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.